Joe Biden proposes to lower Medicare’s eligibility age to 60, read details here

United States President Joe Biden and progressive Democrats have proposed to lower Medicare’s eligibility age to 60. This is being done to help older adults get affordable coverage. However, a new study reveals that Medicare can be more expensive than other options, particularly for many people of modest means. 

This is because Traditional Medicare has gaps in coverage that most people fill by purchasing supplemental plans. This means that they pay added premiums. Also, premiums for the Obama-era Affordable Care Act have decreased recently due to Biden’s COVID relief bill. This has made the ACA more attractive for older adults who have not reached Medicare’s eligibility age of 65. 

All about Medicare

It has been discovered that many older adults who have low to modest incomes can find cheaper premiums in Obamacare’s markets. However, those in the solid middle class would be more likely to benefit if they could get into Medicare. As per the study by Avalere Health for The Associated Press, lowering the Medicare eligibility age to 60 has consistently been among the top Congressional Democratic priorities. Also, an expansion of Medicare eligibility, depending on the exact parameters of the policy, could lead to as many as 24.5 million additional individuals receiving Medicare coverage. 

Massey Whorley, Associate Principal at Avalere said, “Under an expansion, the intricacies of the Medicare program will create winners and losers. Policymakers need to consider all the potential impacts to ensure that patients benefit from better coverage and lower premiums under a Medicare expansion, regardless of their income”. 

The Avalere analysis discovered that traditional Medicare has an important advantage over Obamacare. This is because hospitals and doctors nationwide accept it. However, coverage through private insurers generally relies on restrictive networks. There is also another potential plus, which involves the combination of traditional Medicare and a supplemental “Medigap” policy that provides more generous coverage than the ACA’s mid-level plans.

(Image Credits: AP)